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| Here's
a look at the state of interest rates on five common consumer banking products
and the latest rates from Bankrate.com's weekly national
survey of large banks and thrifts conducted Nov. 30, 2005. |
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Mortgages
Rate:
6.36 percent (30-year fixed) Average Points: 0.26
Mortgage rates rebounded this week on strong economic news.
The average 30-year fixed rate mortgage increased from 6.32
percent to 6.36 percent, and the average 15-year fixed mortgage
rate increased in a similar fashion, rising from 5.88 percent
to 5.92 percent. The average jumbo 30-year fixed rate nudged
higher from 6.49 percent to 6.51 percent. Adjustable-rate
mortgages dipped slightly, with the average 5/1 adjustable-rate
mortgage sliding from 5.85 percent to 5.81 percent, and the
average one-year ARM slipping from 5.52 percent to 5.5 percent.
Strong durable-goods orders, robust new home sales and a rebound
in consumer confidence injected renewed worries about interest
rates into the market. This pushed both Treasury yields and
mortgage rates higher. Mortgage rates are closely related
to yields on long-term government bonds.
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| Home
equity products Rates: 7.07 percent (line
of credit); 7.36 percent (loan)
Home equity rates continue to rise. The average home equity loan rate increased
for the fifth straight week, to 7.36 percent. This is the highest since June 2003.
The average home equity line of credit rate also notched higher, from 7.05 percent
to 7.07 percent. This is the highest since June 2001. HELOC rates are strongly
correlated to Fed interest rate moves as the typical benchmark is the prime rate,
which moves in tandem with the federal funds rate. Further Fed interest rate hikes,
with the next one expected Dec. 13, will push HELOC rates higher in the coming
months. Home equity loan rates, which are more closely related to long-term interest
rates, will remain sensitive to pressures on long-term interest rates stemming
from strong economic growth, inflation fears and shifts in the yield curve. |
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| Auto
loans
Rates: 7.84 percent (48-month,
new-car); 8.41 percent (36-month, used-car)
Auto loan rates plunged as Bank of America slashed rates for
the most creditworthy borrowers. The best rates can be as
low as 6.04 percent on a new-car loan or 6.64 percent on a
used-car loan, both well below the current prime rate of 7
percent. The average four-year new-car loan rate dropped from
8.1 percent to 7.84 percent, with the average three-year and
five-year rates falling to 7.79 percent and 7.87 percent,
respectively. This represents a five-month low for new-car
loan rates. Used-car loan rates are now the lowest in nearly
eight months, with the average rate plummeting from 8.84 percent
to 8.41 percent.
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| Certificates
of deposit
Yields:
3.23 percent (one-year CD yield); 3.89 percent (five-year
CD yield)
The upward trend in CD yields continued, but the momentum
slowed. The average one-year CD yield inched higher to 3.23
percent, and the average three-year CD yield is now 3.6 percent
-- the highest since June 2002. The average five-year CD yield
was unchanged at 3.89 percent. With the yield curve flattening,
expect to see yields stall on maturities longer than one year.
But yields on shorter maturities should continue to plod higher
given the rosy economic news and outlook for continued Fed
interest rate hikes. The Fed meets next on Dec. 13 and is
expected to boost interest rates another quarter point.
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| Credit
cards
Rates: 13.03 percent (standard fixed);
13.31 percent (standard variable)
Variable-rate credit cards continue to inch higher as issuers
play catch-up to previous Fed interest rate hikes and reprice
to a higher prime rate. The prime rate isn't the only benchmark
for credit cards, but it is the most common. The average standard
variable rate increased 1 basis point to 13.31 percent. A basis
point is one-hundredth of 1 percentage point. The average standard
fixed rate increased 6 basis points to 13.03 percent based on
cards added to the survey group. The average fixed rate across
all card categories -- standard, gold and platinum -- also increased
by 6 basis points, rising to 11.57 percent. The average variable
rate across all card classes was unchanged at 12.51 percent.
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